Maximize Share Of Wallet Growth With MeridianLink One

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the benefits of share-of-wallet growth. Opinions expressed in this article are of the individual authors and may not reflect the opinions of MeridianLink, Inc.

Financial institutions (FIs) are competing in an environment where consumers typically manage relationships with multiple providers. Here's the reality : consumers report having relationships with an average of 3.3 financial institutions and maintaining 4.4 accounts per household. Yet only 2.9 of these accounts are held with their primary financial institution. And by mid-2024, 14% of Americans opened a new checking account - already surpassing the 15% for the entire year of 2022, 12% in 2021, and 10% in 2020. This presents a huge opportunity for FIs to solidify their wallet position.

To help you effectively capture this growth potential, we're excited to unveil our Share-Of-Wallet (SOW) add-on module for MeridianLink^® Consumer and MeridianLink^® Opening users. This powerful tool doesn't just help you capture attention - it takes your consumer engagement to the next level by driving deeper, more personalized connections throughout your deposit account opening and loan origination process.

In this blog, we'll explore common challenges FIs face with share-of-wallet growth, identify key opportunities for improvement, and dive into how our SOW module offers a robust solution. We'll even walk you through how the module works to help you achieve these goals!

Let's get started.

Your Challenges & Opportunities

FIs face some common challenges when it comes to growing and retaining their consumer base. Perhaps you relate to one of the following:

• We're acquiring new customers, but we need better strategies to deepen and extend these relationships.
• Our cross-sell efforts are falling short, with less than 10% of applications coming from cross-sell opportunities.
• Our consumer engagement strategy is reactive, missing opportunities to build new relationships through personalized campaigns.​
• Our manual and outdated marketing processes are inefficient, limiting our ability to grow and perform effectively.

Your Solution

This is where our SOW module comes in. By combining lending and deposit pipeline generation with existing loan origination system (LOS) capabilities, your FI can effectively expand your consumer base, increase wallet share, and boost the lifetime value of your consumers, all while lowering acquisition costs. How? Here are a few examples:

• Identify and capitalize on unique revenue-driving opportunities.
• Tap into additional data from credit reports and applications to increase cross-sell success rates.
• Reach consumers with accounts at other institutions with timely, impactful campaigns that attract them to your FI.
• Use post-campaign analytics to understand consumer behavior and measure campaign performance.
• Build stronger, more profitable relationships that endure over time.
• Use data to target high-potential consumers, making your marketing spend more effective.

How It Works

Check out our infographic for a visual breakdown of this process.

1. Application Processing
   • A consumer submits an application either in-branch or online, generating two key sets of data:
     • Application Data
     • Credit Report Data

1. Data Analysis
   • The SOW module analyzes both data sets to identify financial information from other institutions, uncovering potential opportunities.

1. Opportunity Overview
   • A product dashboard is created to include all potential cross-sell opportunities and insights, including:
     • Application and tradeline segmentation and filtering options
     • Total target applicants, estimated budget to acquire, and estimated ROI
     • Target balance of tradeline opportunities, average balance of tradeline opportunities, and average remaining term

1. Campaign Development
   • Based on the data collected, a campaign is created to execute these target opportunities. You can choose to implement your campaign by using:
     • Your internal marketing program
     • Automated tech-enabled marketing

1. Consumer Engagement
   • An invitation is extended to the consumer to accept the offer. This includes the option for consumers to:
     • Apply with an in-branch application
     • Apply with an online application

In an overcrowded banking market simply being visible is not enough.

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